Short

LTC / USD Short and then Long.

Updated

This is a possible short and then long opportunity on LTC / USD
This is not financial advice
Just recognising Patterns. This looks like a Bearish rectangle is forming.
Possible short opportunity from around 288 down to around 258 before continuing up to around 340.

Please give me any ideas or feedback you have. I'm eager to learn and share trading ideas.

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This movement should be complete within 2 and a half days.

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Waves in the rectangle are losing momentum. I'm moving my sells to 287 to catch the last wave before the possible fall.
A safer strategy is to wait for conformation of a new candle opening and closing below the line of support.

Trade closed: target reached

I don't believe LTC is going to drop any further than 265 Now.
I've moved a few of my buy orders up and laddered them down from 269 to 255 just in case.

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I am learning as I go and will update as I see things developing.
There may yet be another wave down, on the 1 hour chart, bringing the price as low as 255.
This is the .618 using the Fibs tool.
If this happens the wave should reach it's lowest point within the next 10 hours.
If you have any tips for me I'd love the feedback.

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[IMG]i68.tinypic.com/10dxkir.png[/IMG]

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i68.tinypic.com/10dxkir.png

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![](i68.tinypic.com/10dxkir.png)

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Please excuse all the links. I'm trying to work out how to post a screen shot of the updated chart into the comments.
![]([IMG]i68.tinypic.com/10dxkir.png[/IMG])

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![](tinypic.com/r/10dxkir/9)

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Due to seeing the price action of BTC and most Alts at the moment. I am not recommending any buys. LTC may have further to fall. If you have bought at the bottom LTC may retrace past your buy in point before falling. If it falls.

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As always. This isn't advice.
It is just how I will be trading.

Gordonrmck

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